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| The general fund of Karsten City received a $30,000 unrestricted grant from the State on June 12, year 1. The cash was received by the general fund on June 12 and was used to pay for capital expenditures that were incurred on June 29. Accounts payable related to the capital expenditures were paid in July year 1. Karsten City’s fiscal year ends on June 30. Answer the question below based upon the guidance provided in GASB 33, Accounting and Financial Reporting for Nonexchange Transactions.The grant from the state is an example of what type of nonexchange transaction? A. Voluntary. B. Derived. C. Government-mandated. D. Imposed. |